More funds are flowing into Waves as it rallies to new local highs
The total value of funds locked on the Waves smart contract platforms is increasing massively after the token’s price surges by more than 60% in the past 24 hours, as reported by DeFiLIama. Total growth since the March low is currently around 530%.
Waves TVL spike
As the decentralized services tracker suggests, the total value of funds locked on the blockchain exceeds $4.18, which makes Waves one of the biggest TVL providers on Ethereum network.
Waves is ranked eighth among the channels featured at the top. The largest TVL provided for Ethereum is still Terra (LUNA) with $28.4 billion, while Binance Chain ranks second with $13 billion of TVL provided.
Projects on Waves blockchain, like Neutrino and Vires Finance, are the largest TVL providers for the network, with a total of $4.29 billion of locked funds, which puts the dominance of first and the second places at around 99%.
Wave Price Action
The cryptocurrency caught the market’s attention after a stunning price performance, which ended with a 530% rally from the low reached in March. Shortly after the slight rally in the market in general, Waves, for some reason, hit the September high of $34.
According to both the technical and fundamental analysis, there were no signs of such a rapid and strong price increase in a matter of days for Waves as no major updates have been made or planned.
The most likely reason behind the 530% and 60% pumps is speculative interest in the coin which remains real thanks to the DeFi industry and has reportedly recently attracted institutional funds similarly to blockchains like Cardano or Solana.
